Answer
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Step 1I'll solve this problem following the specified LaTeX and formatting guidelines:
Step 2: Understanding Fixed Costs
Fixed costs are expenses that remain constant regardless of the level of production or sales. The total fixed cost formula represents the total expenses that do not change with production volume.
Final Answer
The formula for total fixed cost is FC = TFC, which represents the constant expenses a business incurs regardless of production volume. Note: This is a straightforward definition that highlights the fundamental concept of fixed costs in business and accounting.
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